PDT Partners LLC Has $3.37 Million Stake in Toast, Inc. $TOST

Key Points

• PDT Partners LLC reduced its stake in Toast, Inc. (NYSE: TOST) by 11.8%, selling 13,569 shares and now maintaining 101,556 shares valued at approximately $3.37 million.
• Toast reported earnings of $0.13 per share for its latest quarter, which fell short of analyst expectations of $0.23, despite revenue exceeding expectations at $1.55 billion.
• Several analysts raised their price targets for Toast, with estimates ranging from $51.00 to $60.00, reflecting a generally positive outlook on the stock.

PDT Partners LLC decreased its holdings in Toast, Inc. (NYSE:TOST - Free Report) by 11.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 101,556 shares of the company's stock after selling 13,569 shares during the quarter. PDT Partners LLC's holdings in Toast were worth $3,369,000 as of its most recent filing with the SEC.

Several other hedge funds also recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its holdings in Toast by 193.2% during the 1st quarter. Royal Bank of Canada now owns 618,456 shares of the company's stock worth $20,515,000 after acquiring an additional 407,518 shares in the last quarter. Apis Capital Advisors LLC bought a new stake in Toast in the first quarter valued at about $4,644,000. Graham Capital Management L.P. increased its holdings in Toast by 373.5% in the first quarter. Graham Capital Management L.P. now owns 43,778 shares of the company's stock valued at $1,452,000 after buying an additional 34,532 shares during the last quarter. Armistice Capital LLC increased its holdings in Toast by 12.5% in the first quarter. Armistice Capital LLC now owns 863,723 shares of the company's stock valued at $28,650,000 after buying an additional 96,191 shares during the last quarter. Finally, Firsthand Capital Management Inc. bought a new stake in Toast in the first quarter valued at about $1,327,000. 82.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on TOST shares. DA Davidson boosted their price objective on Toast from $40.00 to $46.00 and gave the company a "neutral" rating in a report on Tuesday, July 29th. Wall Street Zen raised Toast from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. The Goldman Sachs Group boosted their price objective on Toast from $45.00 to $51.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. Jefferies Financial Group lifted their target price on Toast from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Finally, Canaccord Genuity Group lifted their target price on Toast from $48.00 to $54.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Fifteen analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, Toast currently has an average rating of "Moderate Buy" and an average price target of $45.54.

Insider Activity

In related news, Director Paul D. Bell sold 12,500 shares of the business's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $42.38, for a total transaction of $529,750.00. Following the sale, the director owned 226,892 shares of the company's stock, valued at $9,615,682.96. The trade was a 5.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Stephen Fredette sold 1,720 shares of the business's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $48.38, for a total value of $83,213.60. Following the sale, the president directly owned 890,818 shares in the company, valued at approximately $43,097,774.84. The trade was a 0.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,554 shares of company stock valued at $4,553,686 over the last 90 days. Corporate insiders own 12.14% of the company's stock.

Toast Stock Performance

Shares of TOST traded down $1.32 during mid-day trading on Thursday, reaching $41.14. 11,089,322 shares of the company's stock traded hands, compared to its average volume of 7,277,126. Toast, Inc. has a 12 month low of $22.91 and a 12 month high of $49.66. The stock has a market capitalization of $20.98 billion, a P/E ratio of 120.99 and a beta of 2.00. The business's 50-day moving average price is $44.95 and its 200-day moving average price is $40.40.

Toast (NYSE:TOST - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.10). Toast had a return on equity of 14.19% and a net margin of 4.07%.The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the firm earned $0.02 EPS. Toast's revenue for the quarter was up 24.8% on a year-over-year basis. Equities research analysts anticipate that Toast, Inc. will post 0.39 EPS for the current year.

Toast Company Profile

Toast, Inc operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, and India. The company offers software products for restaurant operations and point of sale, such as Toast POS, Toast now, multi-location management, kitchen display system, Toast mobile order and pay, Toast catering and events, Toast invoicing, Toast tables, and restaurant retail; and hardware products, including Toast flex, Toast flex for guest, Toast go 2, Toast tap, kiosks, and Delphi by Toast.